Wyoming state making law to improve tax rules on Bitcoin and crypto earnings

A new bill has been introduced to remove cryptocurrency from property tax by the Wyoming State Senate.  A bill was passed last week proposing a proper tax rule on cryptocurrencies and not just club it with property tax.

Wyoming Senate bill no. 111 was introduced by senators Orden Driskill, Tara Nethercott and Chris Rothfuss along with representatives Tyler Lindholm, David Miller and Jared Olsen. Except for Senator Chris Rothfuss, all the member involved in the creation of the bill are Republicans.

Tax rules on cryptocurrencies are not properly defined in the United States of America due to which investors and traders have managed to evade taxes on their cryptocurrencies. The bill has come into play at the right time, especially when all the countries across the globe are stepping towards regulating cryptocurrencies.

The bill is short and to the point, making it easier for everyone to understand. It specifies the required fields that are to be met and why it is necessary to exempt it from property tax or payroll tax.

Amelia Rayburn, a mentor at a well-renowned financial institution in America says,

“The new bill will definitely change the whole process. It may even lead to a lot of chaos but in the end, it’s for the betterment of the country and if implemented the right way, it can even turn out to be a huge success right from the start.”

Michel Carter, a Wall Street veteran says,

“I don’t support or trade cryptocurrencies but I’m glad that this bill is coming in place. It’s going to make a lot of investors’ lives easier. We’ll always be the first people to start a revolution in the world.”

U.S Securities and Exchange Commission has been silent on the regulation of cryptocurrency in comparison to the Asian markets. If the new law is implemented, it may change the behavior of investors towards paying tax on their virtual currency earnings.

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